[al3x]

Hi, cofounder of Simple here.

Do you have data on banks increasing fees to combat the expense of "cyber-theft"? That's a new one to me. Banks have mostly been raising fees because new legislation in the US has cut into their interchange revenue. Plus, the cost of building and maintaining physical branches remains high, and foot traffic to those branches is decreasing.

I'm not sure what you mean by "physical collateral", but we do take steps above and beyond what many banks offer to make our systems and our customers more secure. We're offering multi-factor authentication, and we participate in rigorous internal and third-party security audits.

In some ways, our partner-based model improves our security stance. Our systems never touch sensitive data like customer debit card numbers.

I appreciate your concerns about security. Please understand that it's a top priority for us.